JACKSONVILLE, FL-Birmingham, AL-based private equity group BP Graham LP has acquired a 14-story, 220,000-sf class A office building at 550 Water St. for $23.3 million.

The seller was Sherlon, whose asset manager is Miami-based Forum. The seller was represented by Lou Nutter, of CB Richard Ellis. Birmingham, AL-based Graham & Co./Corfac International’s Peter Crolius, managing broker for the company’s Jacksonville office, represented the buyer.

“The building has some unique characteristics for Downtown Jacksonville,” Crolius tells GlobeSt.com. “There is quite a bit of parking, the potential for building signage for a large tenant. It has a lot of upside potential.”

The building is located along the St. Johns River in the city’s northbank Downtown core. It features a deli, on-site parking, views of the river and Downtown, and access to Interstate 95. “The Downtown Jacksonville office market is highly competitive and this facility is located in the primary commercial district,” Crolius says.

Graham & Co./Corfac International will serve as exclusive leasing agent and property manager for the building. There is currently 165,000 sf available for leasing, including up to 110,000 sf of contiguous, full-floor space and a retail banking facility with existing safe and drive-thru banking lanes. Current tenants include Verizon, Interline Brands, Blue Cross/Blue Shield and MCI. The buyer plans to make capital improvements to enhance the building’s appearance including improvements to landscaping and common areas. “We plan to lease it up as quickly as possible,” Crolius says.

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